Smart Elevator Market is expected to reach 26.69 Billion USD by 2022

The report “Smart Elevator Market
by Component (Control System, Maintenance System, Communication
System), Services (New Installation, Modernization, Maintenance),
Application and Geography - Global Forecast to 2022”, is
expected to grow from USD 9.54 Billion in 2015 to USD 26.69 Billion by
2022, at a CAGR 15.6% between 2015 and 2022. Trend toward adopting
energy-efficient systems is the key driver for smart elevators. The
population growth created a high demand for energy. Over the last three
decades, the energy consumption rate has gradually gone up and created
opportunity for the companies to invest in this sector. Therefore, the
shift from traditional hydraulic to smart elevators that save time and
consume less energy is the key driver for the market.

The automated vehicle storage and retrieval is a
robotic technology which uses elevators and other related systems. This
technology allows vehicles to be transported by the robotic lifting
system. The system offers maximized parking capacity by using minimal
space, provides convenience to customers, and ensures vehicle safety.
These parking systems can be used in any new construction or renovation
projects. This automated parking technology is suitable for densely
populated areas including metropolitan areas, business parks, office
buildings, trains and subway stations, trade centers, hotels, and
others. These automated parking technologies are environmentally
friendly because car engines are shut off when cars are stored or
retrieved in this parking system; also the search time for a parking
space is eliminated because this a robotic system which works without
human intervention.

New installation services are expected to lead the market by 2022

The new installation services are likely to dominate
the market by 2022. In emerging economies such as APAC, the Middle East,
Africa, and Latin America, the market for new installations is expected
to grow significantly at a high rate. The growing high-rise buildings
and economy modernization initiatives of government, and favorable
business environment are the key factors supporting the growth of new
installations.

North America dominated the smart elevator market; APAC is expected to grow at the highest rate during the forecast period

The growth of this market in North America can
largely be attributed to the increasing demand for energy-efficient
systems. The stringent mandates of governing bodies propelled adoption
of smart elevators. The North American region is the major market for
smart elevators as this region has very high penetration of ICT
technologies compared to other regions. The economy modernization
initiatives in emerging countries and government support are the major
factors contributing to the growth in APAC. The presence of most
populous countries such as India and China make APAC a lucrative market
as rapid urbanization and infrastructure in this region is likely to
pave new growth avenues for companies.

The major companies in the smart elevator ecosystem profiled in this report are as follows:

ThyssenKrupp AG (Germany)

Otis Elevator Company (U.S.)

KONE Corporation (Finland)

Schindler Group (Switzerland)

Hitachi Ltd. (Japan)

Hyundai Elevator Company Ltd. (South Korea)

Toshiba Elevators and Building Systems Corporation (Japan)

Mitsubishi Electric Corporation (Japan)

Fujitec Co. Ltd. (Japan)

Motion Control Engineering, Inc. (U.S.)

This research report categorizes the smart elevator
market on the basis of component, application, service, and geography.
The report describes the drivers, restraints, opportunities, and
challenges for this market. The Porter’s five forces analysis has been
included in the report with a description of each of its forces and
their respective impact on the market.

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